For the Year Ended December 31, 2020, Jovial Productions Inc

question 18

Essay

For the year ended December 31, 2020, Jovial Productions Inc. earned $13,000,000. Outstanding preferred shares included $1,500,000 in 9% cumulative preferred shares issued on January 1, 2017 and 32,000 $160 non-cumulative preferred shares issued on January 1, 2019 that are each entitled to dividends of $7 per annum. Dividends were neither declared nor paid on either class of the preferred shares in 2018 or 2019. On December 15, 2020, the company declared $150,000 dividends on the 4% cumulative preferred shares and $150,000 in dividends on the non-cumulative preferred shares, both payable on January 15, 2021.
Required:
Determine the net income available to ordinary shareholders for the year ended December 31, 2020.

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Definitions:

Operant Conditioning

An instructional process by which the magnitude of a behavior is influenced by giving rewards or imposing punishments.

Instrumental Learning

Instrumental learning is a learning process where behavior is modified based on the consequences it produces, such as rewards or punishments.

Classical Conditioning

The process of learning through the repeated combination of two stimuli, with the outcome being that a response initially elicited by the second stimulus is over time triggered by the first stimulus independently.

Meat Powder

A product derived from dehydrated and pulverized meat, used in various culinary or laboratory experiments.